Home Selling in 02171>Question Details

Jo Chan, Both Buyer and Seller in Quincy, MA

What is stamp tax?

Asked by Jo Chan, Quincy, MA Sat Nov 15, 2008

I just sold my house and my broker said I will need to pay stamp tax. What is stamp tax? and how much do Ihave to pay?

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Answers

6
By following the link provided below you will see a full explanation of the Massachusetts Tax Stamps as well as other costs associated with selling a home.
1 vote Thank Flag Link Mon Apr 5, 2010
Massachusetts Tax Stamps are transfer taxes paid on the sale of a property by the Seller in MA. The amount of MA Tax Stamps are based on the County you live in. While most of Massachusetts is $4.56 per $1,000, Barnstable County is $6.12 per $1,000 and Dukes and Nantucket Counties require 2% of the selling price paid to the local land bank commission. Ask for an estimate of Seller Closing Costs when interviewing Brokers to list your home.

Also, who pays the tax stamps (seller or buyer) also varies from state to state.
0 votes Thank Flag Link Sun Dec 15, 2013
Massachusetts accumulates revenue from the sale of real estate through the sale of state tax stamps. The amount of this (excise tax) stamp varies from time to time and is currently at 4.56 per thousand of the purchase price of the property in most counties. The seller is responsible to pay for the amount of this stamp just as the buyer is responsible for paying all of the recording fees for the new deed and his or her new mortgage. The money paid for the tax stamps is income ultimately to the state of Massachusetts.

Martin O'Toole
Martin Joseph Realtors
Email: mj@martinjosephrealtors.com
Office: 978-887-9800
Cell : 978-387-2400
0 votes Thank Flag Link Tue Dec 3, 2013
Hi Jo,

Sigh... just another tax. It used to actually be stamps affixed when recorded... now just a fancy name for a 0.456% tax on real estate transactions. Seems like a low number, but you can see from the calculation below that it can be many thousands on a typical Quincy or MA home.

Wish I had some advice.. but you cannot sell without it. You should ask your Realtor and Atty why nobody mentioned it before. If you already sold.. you willl see it on your HUD.

I live in Quincy also and wish you the best!
0 votes Thank Flag Link Sat Jan 22, 2011
Don't forget to tell your tax accountant about this fee.
0 votes Thank Flag Link Mon Nov 17, 2008
Hi Jo Chan
The amount you pay for Massachusetts Tax Stamps will depend on how much you sold your home for. This will be on your HUD1 statement--do the math and make sure it's correct! Tax stamps in Mass. are calculated at $4.56 per thousand dollars of sale price. So if your house sold for $500,000, you (the Seller) will pay 4.56 x 500 = $2280 for Tax Stamps.

I'm surprised that you've gotten all the way to the closing table and haven't been told about Tax Stamps... The only good thing I can tell you is that it's worse here in New Hampshire. Here, the Buyer and Seller share the cost of Tax Stamps equally, currently $15.00 per thousand (each pays $7.50 per thousand at closing) Yikes!!
Web Reference: http://www.SNHhome.com
0 votes Thank Flag Link Sat Nov 15, 2008
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